Bitcoin got hit by hot jobs data on Friday, but the dip did not last. It dropped toward 78.5K, buyers stepped in fast, and now BTC is back near 80K waiting for the next big test: CPI. That is the part bears should be paying attention to. Oil is high, the Fed is still sounding tough, and rate hike odds have moved back up. Normally, that would be enough to keep Bitcoin weak. But BTC is still holding up after billions flowed into spot ETFs during August. My simple view: If Bitcoin keeps holding above 78.5K, I think it has a good chance of pushing back through 82.5K and making a move toward 83K to 86K. But if BTC closes below 77K, then this bullish idea is wrong for now and the lower 70Ks come back into play. For now, Bitcoin is not breaking. Note that when price refuses to break on bad news, it usually means something is changing.
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